This article covers the new MSME definition, support provided to MSMEs, reduction in PF contributions and direct tax measures announced under Atma-nirbhar Bharat Abhiyaan economic package.
Freelancers who provide services need to register for GST if their annual turnover exceeds the threshold of 20 lakh.
Freelancers will contribute to 50% of the nation’s workforce volumes, and the market size is estimated to touch USD 25 billion by 2025. The ability to choose your work without being tied to an office has become the idea of freedom.
To better incorporate or revolutionise the way companies are registered in India, SPICe+ form will offer ten services by three Central Government Ministries and Departments.
From a taxation perspective, freelancers fall under small businesses. And paying taxes is considered a civic duty.
The government of India has introduced various tax incentives for startups to flourish in India, which includes tax rebate for a 3-year period.